FERF/Greenlight ICFR Tracker- Q2 2019

 

Fill Out The Form Below to Receive ICFR Updates & Detail Data on the Material Weakness Disclosures for the Quarter

 

Financial Reporting and Regulatory Update

The quarterly Financial Reporting and Regulatory Update is prepared by the Financial Education & Research Foundation (FERF) in collaboration with Crowe LLP, highlighting pronouncements from the U.S. SEC, FASB, PCAOB, and other regulators and standard-setters. Each update includes ASU Effective Date Checklists for Public and Non-Public Business Entities.

Second Quarter 2019

SEC Exploring Potential Changes to Earnings Releases and Quarterly Reports

A Q&A with Mark Shannon of Crowe

Mark Shannon is a partner in the Crowe assurance professional practice.  

Gregg Anderson
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Financial Reporting & Regulatory Update, Second Quarter 2019

During the second quarter of the 2019 calendar year, the Financial Accounting Standards Board (FASB) issued new accounting standards on the following topics:

  • Improvements to financial instruments standards
  • Transition relief in applying the credit losses standard
  • Extending certain private company accounting alternatives to not-for-profit (NFP) entities

The FASB also issued proposals during the quarter to incorporate various Securities and Exchange Commission (SEC) disclosures into U.S. GAAP and simplify the accounting for income taxes. In addition, the FASB issued a question-and-

answer (Q&A) document addressing the implementation of the NFP grants and contracts standard.

The SEC issued a final rule on Regulation Best Interest, proposed a new rule to expand exemption from auditor attestation on internal control over financial reporting (ICFR), and proposed changes to the financial statement requirements for significant acquisitions and dispositions.

The Public Company Accounting Oversight Board (PCAOB) released staff guidance on the implementation of critical audit matters (CAMs) and published its annual report for 2018.

The Center for Audit Quality (CAQ) released a current expected credit loss (CECL) tool and an external auditor assessment tool for audit committees.

In addition to these highlights from the quarter, we have included recent developments from the Governmental Accounting Standards Board (GASB).

Checklists for the effective dates of FASB Accounting Standards Updates (ASUs) and GASB statements are provided in the appendix.